lift open market shared equity scheme

iscrimger

well done! Well I've been looking at ways to get the rest of the 5%. I'm very near and I've been onto Halifax already fine tuning some details.

The Repo flat has not come up, however while looking for alternative rentals I have discovered the repo flat is no longer a repo and I could be moving back in at an even cheaper rent!

I am viewing a similar property on Sunday and the mortgage adviser is getting back to me on Monday about the non-deposit mortgage. On Monday I'm going to see what my position is. I can actually see me not using the LIFT scheme at all! Quite the turnaround!

Abcynthia

Our AIP from Halifax was a joke and way too much. We could never afford it! and of course Link went with that as our highest. However my financial adviser phoned them up and fixed it. Simon (the social landlord for our area) even said it was a joke.

weesie81

ours AIP from hbos was what we had hoped for its just the amount we had budgeted for before applying, rbs were way out for us...not even an option.

well i hope whatever you decide to do its right for you. for us there is no other way to get our own family home, its this or carry on private renting for the next god knows how many years :rolleyes:

good luck everyone

iscrimger

weesie81 wrote: »

ours AIP from hbos was what we had hoped for its just the amount we had budgeted for before applying, rbs were way out for us...not even an option.

well i hope whatever you decide to do its right for you. for us there is no other way to get our own family home, its this or carry on private renting for the next god knows how many years :rolleyes:

good luck everyone

I thought the same, but having looked more creatively about what I've got and where it's going could make things very different.

The adviser did tell me Halifax have done this to a number of LIFT applicants and Link Homes have only checked the AIP's against the income and not actually looked at everything going on. The majority who applied for LIFT have no deposit and Halifax have put the 5% deposit on because they've said they don't want any part. Of course nobody is saying this because it's a government scheme for a part government owned bank.

In the past 6 months all I've heard is mortgages, repossession, LIFT & house buying. My head's spinning!

Oh and I discussed what the income limits where for LIFT. It only highlighted the sheer amount of abuse of the scheme. We were talking about my income rising which it has month on month since my application. By next year I'll be hitting 28k. We looked over my salary and he said that it can and has been done previously that you effectively 'doctor' the figures to make it look less. He's had 2 clients with income of over £40k get into LIFT this year.

weesie81

wow seriously!! :mad:

and here is me thinking the applications were taking so long to turnaround as they were checking every little detail

when does your passport expire iscrimger?
we have until xmas eve to use ours :eek:

JEWISHPRINCESS

I would have thought that with the property market almost grinding to a halt over Xmas, office closures, bank holidays etc over the festive period anyone issued with a LIFT passport covering the festive season would get a few weeks extension. I called to ask them but they said no. Which doesn't really seem fare as the 12 weeks is little enough, without losing almost a fortnight over the festivities.

weesie81

hi just wondering how things are going for everyone?

we have just over 9 weeks to go till our passport expires but i think due to time of year there is not a lot on for sale that meets the ceiling price and apartments criteria in our area :rolleyes:

when we first applied back in july we could have bought around 5 that were on the market however we have now only seen 3 since we have been approved and none of them were right for the scheme.

LabLover

Hi there I wonder if any of you guys could clear this up for me . I posted back our LIFT application pack on the 3rd of August I had AIP , mortgage quotes , pay slips , solicitor ...everything to proceed. We got a letter on the 10th of August to say that it had been received and would take approx 6 weeks to process , so sat tight and crossed all our fingers.Then in Septemeber we got a standard letter saying that funding had run out in the East and that more funding would only be made available if people didnt use passport or more funding was givin to the scheme. So I have to say we were both really down about the whole thing then on the 16th of October Link housing posted back my application to say that even tho my OH wasnt getting the mortgage with me they still wanted to see his earnings and bank statements. At the bottom of the letter it said if you do not get back to us in 14 days we will assume that you no longer want to enter into the scheme. Now I dont know where I stand ? Why are they processing application if they have no more funding ? Am I just getting my hopes up thinking that we are included in the allocated funding , is anyone else in similar boat ?
xx

weesie81

personally i would just ring them on the 0845 number and ask or it may be they have a waiting list of applications for fallback for those who do not use their passports.

if thats the case you will want to make sure they have all the necessary paperwork to proceed quickly.

sorry i am not more helpful but i'm in the west so not had to deal with this side of things.

LabLover

Not at all, any feedback is helpful,its a minefield. I really cant believe they ran out of funding so quickly. Will bring the number into work 2moro and give them a call.Thank you